CNPP logo | File Image
Advocates transparency in oil sales
CNPP: It does not make any business sense to resort to borrowing, especially given Nigeria’s increasing debt profile, when oil revenues are reportedly left in the coffers of NNPC Limited
By Valentine Amanze
Conference of Nigeria Political Parties (CNPP) has expressed worry over President Bola Ahmed Tinubu’s financial disclosure during his maiden Presidential Media Chat in Lagos.
Tinubu had disclosed that his administration met its financial obligations without resorting to the Nigerian National Petroleum Company Limited (NNPC Limited) for funding in the last 12 months.
But, the CNPP observed that while the president’s statement appeared positive, it raised several critical questions that demand “immediate and transparent answers.”
During the media chat, President Tinubu urged Nigerians to believe in his government, assuring that the administration, which is “just 18 months” old, was on the right path and marks “a glorious dawn” for Nigeria.
Tinubu declared: “Push me to my brag mode, in the last three months, I’ve not taken a penny from NNPC before I met my other obligations. To me, that is excellent.”
CNPP, the umbrella body of all registered political parties and political associations in Nigeria, made its submission in a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema.
It stated that the “CNPP acknowledges the President’s efforts to manage the nation’s finances but is deeply concerned about the lack of clarity surrounding this development.”
Specifically, the CNPP questioned why the President had been borrowing to finance the 2024 budget when there is revenue from crude oil with NNPC Limited.
President Bola Tinubu | File Image
The CNPP argued, “It does not make any business sense to resort to borrowing, especially given Nigeria’s increasing debt profile, when oil revenues are reportedly left in the coffers of NNPC Limited. This concern is particularly troubling at a time when Nigerians are suffering from severe hunger and struggling to access basic necessities, with some even dying in their quest to access free food provided by spirited individuals.”
The CNPP however demanded a detailed explanation from President Tinubu on this matter, urging the President to clarify why he prefers borrowing over utilizing available oil revenues.
Also read: Warri Refinery re-opening: Tinubu thumbs up NNPCL
CNPP also insisted that the Tinubu administration “come clean on the earlier revelation that Nigeria’s crude oil has been sold in advance. The details of this transaction, including the duration of the crude oil sales and the terms of the agreement with the buyers, must be disclosed to the public”, the CNPP stated.
According to the CNPP, “Nigerians deserve to know the full extent of these financial decisions to appreciate the President’s efforts towards economic recovery, stability, and growth as the country approaches the year 2025.
“Transparency and accountability are paramount in ensuring that the government’s actions align with the best interests of the Nigerian people.”
The CNPP, therefore, called on President Tinubu to “provide comprehensive information on these critical issues. Only through such transparency can the administration build the trust and confidence of the Nigerian populace.”
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